Punjab National Bank has surged 6% to Rs 881 after the public sector bank reported better-than-expected 14% year-on-year jump in net profit at Rs 1,306 crore for the third quarter ended December 2012 (Q3) due to lower provisioning and higher total income.
Analysts on an average had estimated profit of Rs 1,119 crore from the state-owned bank.
“Total income rose 10.4% to Rs 11,519 crore from Rs 10,435 crore, while provisioning declined by 15.2% to Rs 802 crore over the same quarter of previous year,” Punjab National Bank said in a filing.
Meanwhile, the bank’s gross non performing assets (NPA) have declined to 4.61% from 4.66%, while Net NPA to 2.56% from 2.69% on quarter-on-quarter basis.
The stock opened at Rs 832 and hit a low of Rs 825 on the NSE. A combined 2.42 million shares have changed hands on the counter till noon deals on both the exchanges.